Friday, October 17, 2008

Dubai Islamic Bank's former CEO detained

The former chief executive of Dubai Islamic Bank has been detained as part of a probe into alleged financial irregularities at the bank’s real estate subsidiary, Deyaar.

Saad Abdul Razak, who has also left his current post with Investment Corporation of Dubai, was taken into custody two weeks ago as the probe broadens, but the nature of the allegations are unclear, said a person aware of Mr Abdul Razak’s situation.

Mr Abdul Razak who last year left Dubai Islamic Bank to join ICD, the emirate’s holding company for state owned assets, is one of five people under investigation for alleged financial irregularities at Deyaar....Police have also arrested executives from other state linked institutions, such as developers Nakheel, Sama Dubai and mortgage provider Tamweel, as the graft probe has flung its net across companies in the emirate’s fast growing real estate sector.